US paper man boosts Genesis NZ

New Zealand biotech Genesis Research and Development has successfully lured an ex-US heavyweight to head up its increased push into the plant biotech arena.

Dr Peter Lee, ex VP of global R&D at US giant International Paper Company, is to act as chief executive for the newly spun-off AgriGenesis Biosciences, and will concentrate on the development of the plant science aspects of the company's portfolio.

This will focus on the key signalling genes, novel hormones and transcription factors that influence growth rates and fibre quality in commercial forest crops, and will also investigate other areas such as the nutritional value of forage grasses, flowering control and stress resistance in other crops.

Lee originally studied at Auckland University and will oversee the new subsidiary's operations. The appointment comes hot on the heels of a just-under NZ$6.5 million loss, and a company commitment to diversify its operations and to build a sound IP portfolio.

Genesis Research recorded a cash drop of NZ$14 million from NZ$42 million last year in the pursuit of R&D programs, but the company said this is still sufficient for several years' R&D.

"The company is in a sound financial position, and is pleased with the progress achieved in its research programs," said Genesis chief executive Jim Watson. "Our strategy remains one of building long-term value by developing a selection of product targets in both health and plant sciences," he added.